Global Fast Fashion Market Poised for Significant Growth
Fast fashion products such as trendy apparel, footwear, and accessories are designed to mimic high-end fashion styles at lower prices quickly available at mass retailers to meet the changing taste, trends and demands of consumers who seek fresh styles at affordable prices. Fast fashion products are designed, produced, and distributed quickly and inexpensively in response to latest fashion trends and consumer demands.
The global fast fashion market is estimated to be valued at US$ 100.08 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the global fast fashion market is primarily driven by the growing demand for affordable yet trendy apparel and footwear globally. Fast fashion brands have accelerated design, manufacturing and distribution process to deliver latest fashion within 2-3 weeks to meet the dynamic fashion trends. They analyze latest runway shows, fashion blogs and social media to gauge trends and demand worldwide. This helps them quickly develop styles inspired by high fashion at lower prices and make them available at retail outlets within weeks. This ability to offer constantly changing collections at affordable prices has made fast fashion popular worldwide, especially among young generations.
Segment Analysis
The global fast fashion market is dominated by the womenswear segment. It held over 30% share of the overall market in 2023. The dominance is attributed to growing working women population globally, who frequently change fashion trends. The menswear segment is the second largest and is expected to witness strong growth during the forecast period owing to rising fashion consciousness amongst men.
Key Takeaways
The Global Fast Fashion Market Size is expected to witness high growth during the forecast period.
Regional Analysis: The Asia Pacific region currently dominates the global market with over 35% share. China and India are the fastest growing markets in the region due to increasing disposable incomes and adoption of western trends. Europe is also a major regional market for fast fashion globally. Germany, UK, Italy and France account for significant shares.
Key players operating in the fast fashion market are BioSenic SA, Mereo Biopharma Group PLC, CELGENE CORPORATION, Eli Lilly and Company, Cipla Inc., Amgen Inc., Sun Pharmaceutical Industries Ltd., Viatris Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Jubilant Pharmova Limited, Aurobindo Pharma, Quince, Ultragenyx Pharmaceutical Inc. and OrthoPediatrics Corp.
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